diff --git a/CHANGELOG.md b/CHANGELOG.md
index 1f2c86b85..7fd5957fe 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -3,6 +3,9 @@ Changelog
 
 NOTE: isort follows the [semver](https://semver.org/) versioning standard.
 
+### 5.4.1 [Hotfix] Aug 13, 2020
+  - Fixed #1381: --combine-as loses # noqa in different circumstances.
+
 ### 5.4.0 Aug 12, 2020
   - Implemented #1373: support for length sort only of direct (AKA straight) imports.
   - Fixed #1380: --combine-as loses # noqa.
diff --git a/isort/_version.py b/isort/_version.py
index fc30498fa..1e41bf8f7 100644
--- a/isort/_version.py
+++ b/isort/_version.py
@@ -1 +1 @@
-__version__ = "5.4.0"
+__version__ = "5.4.1"
diff --git a/isort/output.py b/isort/output.py
index 086ece72f..6a21c1315 100644
--- a/isort/output.py
+++ b/isort/output.py
@@ -432,8 +432,8 @@ def _with_from_imports(
                 ):
                     from_import_section.append(from_imports.pop(0))
                 if config.combine_as_imports:
-                    comments = parsed.categorized_comments["from"].pop(
-                        f"{module}.__combined_as__", ()
+                    comments = (comments or []) + list(
+                        parsed.categorized_comments["from"].pop(f"{module}.__combined_as__", ())
                     )
                 import_statement = with_comments(
                     comments,
diff --git a/pyproject.toml b/pyproject.toml
index 2359eed8e..bc6f2a7c4 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -3,7 +3,7 @@ line-length = 100
 
 [tool.poetry]
 name = "isort"
-version = "5.4.0"
+version = "5.4.1"
 description = "A Python utility / library to sort Python imports."
 authors = ["Timothy Crosley <timothy.crosley@gmail.com>"]
 license = "MIT"
diff --git a/tests/test_regressions.py b/tests/test_regressions.py
index 8236329ba..6fae92d2b 100644
--- a/tests/test_regressions.py
+++ b/tests/test_regressions.py
@@ -520,3 +520,18 @@ def test_combine_as_does_not_lose_comments_issue_1321():
 """
 
     assert isort.code(test_input, combine_as_imports=True) == expected_output
+
+
+def test_combine_as_does_not_lose_comments_issue_1381():
+    """Test to ensure isort doesn't lose comments when --combine-as is used.
+    See: https://github.com/timothycrosley/isort/issues/1381
+    """
+    test_input = """
+from smtplib import SMTPConnectError, SMTPNotSupportedError  # important comment
+"""
+    assert "# important comment" in isort.code(test_input, combine_as_imports=True)
+
+    test_input = """
+from appsettings import AppSettings, ObjectSetting, StringSetting  # type: ignore
+"""
+    assert "# type: ignore" in isort.code(test_input, combine_as_imports=True)